Third party – Goods Carrying Vehicle Insurance
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What is Third party - Goods Carrying Vehicle Insurance?
Third Party Goods Carrying Vehicle Insurance is a type of insurance coverage designed for commercial vehicles that transport goods. It provides financial protection against legal liabilities arising from third-party bodily injury, property damage, or death caused by the insured vehicle while carrying goods. This policy is essential for businesses that operate trucks, vans, or other vehicles for transporting goods, as it helps them comply with legal requirements and ensures that they are financially covered in case of accidents or mishaps involving their vehicles. It’s important to note that this insurance doesn’t cover damages to the insured vehicle or its cargo, but rather focuses on the liability aspect towards third parties.
⛦ Example Scenario: In Ramesh’s case, the Third Party Goods Carrying Vehicle Insurance would come to his rescue. The insurance covers the legal liabilities arising from the accident, including the damage caused to the person who lost their life and the property damage. This insurance prevents Ramesh from bearing the hefty financial burden alone, providing vital support during such unforeseen incidents. Insurance serves as a safety net, ensuring that Ramesh doesn’t have to face the entire cost on his own.
Coverages of Third party - Goods Carrying Vehicle Insurance
Third-Party Liability Coverage
Covers legal liabilities for bodily injuries or property damage caused to third parties in an accident involving your car.
Personal Accident (PA) Cover
Compensation for injuries or death to the owner/driver of the insured car.
Additional Add-ons OF Third party - Goods Carrying Vehicle Insurance
Legal Liability for Paid Driver
Extends coverage to paid drivers for legal liabilities in case of accidents
Legal Liability to Employees
Extends coverage to employees injured during accidents.
Legal Liability on Trailer
Covers legal liabilities arising from trailers attached to the insured vehicle.
Personal Accident Cover for Driver
Provides personal accident cover for the driver of the insured vehicle.
Factors Determining the Premium of Coverages of Third party - Goods Carrying Vehicle Insurance
Gross Weight Of the Vehicle
The Gross Vehicle Weight Rating (GVWR) is the maximum safe weight of your vehicle, including its curb weight, passengers, fuel, accessories, cargo, and trailer tongue weight.
Fuel Type (CNG / Petrol / Electric)
The type of fuel used in the new affects the premium. The diesel-powered vehicles potentially having different premium rates compared CNG vehicles
Usage of the Vehicle
Vehicle used for personal purposes or business purposes may have different premium rates.
Major Differences Between Own Damage (OD) Cover and Third-Party Liability Cover In Goods Carrying Vehicle Insurance
|Coverage||Own Damage (OD) Cover||Third-Party Liability Cover|
Provides coverage for damages to your vehicle due to accidents, theft, natural calamities, fire, and more.
Covers legal liabilities for damages caused to third-party property, injuries, or death due to your vehicle's involvement in an accident.
Scope of Coverage
Protects your own vehicle against a wide range of perils and damages.
Only covers damages and injuries caused to third parties, not your vehicle.
Based on factors like vehicle's make, model, IDV, and add-ons chosen.
Regulated by the Insurance Regulatory and Development Authority of India (IRDAI). Premium rates are predefined based on the vehicle's engine capacity.
Comprehensive coverage for your vehicle, including theft, own damage, and accidents.
Limited to liabilities arising from third-party property damage, injuries, or death.
Various add-ons like zero depreciation, engine protection, roadside assistance, etc., can be availed to enhance coverage.
No add-ons are available, as it is a standardized cover as per IRDAI regulations.
Optional, but highly recommended for complete protection of your vehicle.
Mandatory by law to drive a vehicle on Indian roads.
Applicable for damages to your vehicle, subject to policy terms and conditions.
Covers financial liabilities towards third parties up to the prescribed limits.
Can significantly impact the premium amount based on the extent of coverage and chosen add-ons.
Premium rates are fixed as per the IRDAI guidelines and are based on the vehicle's engine capacity.
How to Settle Goods Third party - Goods Carrying Vehicle Insurance Policy Claims?
In case of an accident involving third parties, inform the local authorities and police.
Gather information about the accident, such as vehicle numbers, contact details of involved parties, and witnesses.
Report the incident to your insurance company as soon as possible. Provide accurate information and documents.
If there are injuries or fatalities, file a First Information Report (FIR) at the nearest police station.
Fill out the claim form provided by the insurer. Attach necessary documents, such as policy copy, FIR, driving license, vehicle registration, etc.
The insurer may appoint a surveyor to assess the damage or loss. Cooperate during the survey process.
Ensure all documents are complete and accurate. Any false information may lead to claim rejection.
If the claim is approved, the insurer will provide a settlement amount based on policy terms and coverage.
In case of legal actions, the insurer may provide legal assistance.
Exclusions of Third party - Goods Carrying Vehicle Insurance Policy
Insurance may not cover losses that result as a consequence of a covered event, such as financial losses due to missed business opportunities.
Driving Under Influence
Accidents caused while driving under the influence of alcohol or drugs may be excluded from coverage.
If an accident occurs while someone other than the authorized driver is driving the insured Two Wheeler , it may not be covered.
Racing or Adventure Activities
Damages occurring during racing, rallies, or adventure sports are typically excluded.
Any damages caused intentionally by the insured or any other person will be excluded from coverage under the Goods vehiclerying Vehicle Insurance policy.
Wear and Tear
Regular wear and tear of the vehicle or mechanical breakdowns are not covered.
Accidents caused while using the Two Wheeler for illegal purposes may be excluded.
War or Terrorism
Damages due to war, war-like situations, or acts of terrorism are generally excluded.
Any damages caused by nuclear activity are not covered.
Expired or Lapsed Policy
If the policy is expired or lapsed at the time of the incident, there will be no coverage.
Documents Required " for Claim Settlement under Third party - Goods Carrying Vehicle Insurance Policy"
Accident Report Form
Duly filled and signed accident report form providing details of the incident.
Copy of the First Information Report (FIR) filed with the police in case of accidents resulting in third-party damage or injury.
Copy of Driving License
A valid copy of the driver’s license of the person driving the insured vehicle at the time of the accident.
Vehicle Registration Certificate
A copy of the vehicle’s registration certificate (RC) to verify ownership.
A copy of the valid Third Party Goods Carrying Vehicle Insurance policy.
Proof of Third-Party Injury/Damage
Any evidence or documentation proving the extent of injury or damage caused to the third party.
Third Party Details
Contact information and details of the third party involved in the accident.
Statements from witnesses present at the scene of the accident.
In case of bodily injury, medical reports and bills supporting the claim.
Police Investigation Report
In case the police conducted an investigation, a copy of their findings.
Contact Information for Claim Settlement: related to Third party - Goods Carrying Vehicle Insurance Policy
If Policy Obtained through Agent/Broker
Contact your agent or broker first, as they will guide you through the claims process and assist in reporting the claim.
If Policy Obtained Directly from Insurance Company
Contact the insurance company’s claims department directly to report the claim and follow their instructions for a smooth claims settlement.
Claim Contact Information for Policy from Beemawala.com
If you have taken the policy from Beemawala.com, please use the following contact details to register your claim.